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Business by Business

Business by Business: Organic growth in every business EBIT +14.1%

A breakdown of the operating results achieved in the business segments in which the Group operates is given below: (i) the Gas sector, which includes methane gas and LPG distribution and sales services, district heating and heat management; (ii) the Electricity sector, which includes electricity production, distribution and sales services; (iii) the Integrated Water Cycle sector, which includes mains water, wastewater and sewage services; (iv) the Waste Management sector, which includes waste collection, treatment and disposal services; and (v) the Other Services sector, which includes public lighting, telecommunications and other minor services.

In light of the above, the composition and development of revenues and EBITDA over the years is shown in the graphs below:

Breakdown of the business portfolio

Business by Business

The following sections present the operating results by business segment. The income statements by business segment include structural costs, including inter-divisional transactions valued at current market prices.

The analysis by business segment takes into consideration the value of the increased revenues and increased costs, with no impact on EBIDTA, relating to the application of IFRIC 12, as explained in the Group's Consolidated Income Statement. The business sectors affected by the application of the above principle are: methane gas distribution services, electricity distribution services, only for Imola area, all integrated water cycle services and public lighting services.

The accounting reclassification for 2010, which increases the costs of services and capitalised costs by the same amount, is also taken into consideration. This reclassification, which has an impact on all business segments, was necessary in order to provide a better representation of the creation of plants and other works by companies operating within the Group.